This is a landmark day for Britain’s largest companies and financial institutions as they are now mandated to disclose TCFD-aligned climate-related financial information. Those impacted include many large banks, who we know from our work with them are increasingly making net zero targets central to their business and customer strategies, while looking for like-minded business partners with strong ESG commitments.
Banks are in a unique position to influence the transition to a low-carbon economy, firstly by reducing the impact of their own operations and the emissions they finance. SaaS & Cloud technology is a true climate-related opportunity and can help Banks gain carbon insights, comply with changing regulations globally, while tracking their progress towards reaching their sustainability targets. The leading public cloud hyperscalers – the likes of Microsoft, Amazon, Google – estimate that cloud can reduce energy and emissions by over 95% compared to legacy IT infrastructure.
It also increasingly matters to them from a customer attraction and retention perspective. Banking customers, particularly those in younger generations are increasingly motivated by a bank’s ESG record and commitment to ethical and sustainable banking.
First published in Financial IT: https://financialit.net/blog/banks/saas-cloud-technology-can-help-banks-gain-carbon-insights-and-track-progress-towards